SLOVENIA: COFACE acquires SID - PKZ

Coface announced on April 15th the acquisition of Slovenian SID - PKZ, one of the insurance market leaders, with a strong position in credit insurance. Coface has acquired all SID - PKZ shares and the business will operate under the new name - Coface PKZ.

The statement comes after September 2018 initial announcement, when Coface said they signed an acquiring agreement with PKZ, the credit insurance subsidiary of SID Bank.

Through its broad range of services and vast international network, Coface will enhance the support of Slovenian exporters, thus contributing to the economic development of the country. Coface PKZ will be integrated into the CEE region, under the leadership of regional CEO, Declan DALY.

In 2018, SID - PKZ registered a level of EUR 14.3 million in gross written premiums. The transaction will have a neutral impact on Coface's solvency ratio.

"The acquisition of SID - PKZ marks the first external growth initiative of Coface in more than 10 years. It will reinforce our presence in this important part of the world and it is perfectly in line with the objectives of our Fit-to-Win strategic plan. Through this acquisition, Coface is proud to contribute to enhancing the Slovenian Economy and excited to welcome a very experienced and highly recognized team of 74 experts from SID - PKZ," said Xavier DURAND, CEO of Coface.

"We are very delighted to become part of the Coface family. As part of SID Bank group, we have served the Slovenian economy for the past 27 years expansion. We are very proud that Coface has acknowledged our achievements and recognized our value. We are convinced that being part of Coface group will enable us to offer our clients even better service," added Sergej SIMONITI, President of the Management Board SID - PKZ.

"We believe that the new strategic owner of SID - PKZ can provide opportunities for development and for a further expansion of the company's operations. This will enable SID - PKZ to access a wider spectrum of foreign markets, which will undoubtedly help the Slovenian economy," said Sibil SILVAN, President of the Board of SID Bank.


Share |